Shares of newly listyed property developer PT Forza Land Indonesia Tbk (FORZ) gained 50% to Rp330 per share at its trading debut this morning. FORZ has offered 312.5 million shares through initial public offering (IPO) at price of Rp220 per share, raising total proceeds of Rp68.75 billion. FORZ will used 58% IPO proceeds for investment to PT Borneo Sarana Properti, 19.4% to pay debt to CV Chitta Kriya Laksana, 8.1% to pay debt to PT Pratama Maju Jaya, and the rest 14.3% for working capital.